Robert Ward’s adopted business model in relation to bank House Investment management Ltd’s pension advice business has landed many of his clients’ pensions illiquid, resulting in him being banned from advising by the FCA.
Five former Financial Advisors, including Robert Ward, have recently been associated with a pension transfer scheme, where clients were advised to transfer their pensions into high-risk investments. This has led to £50m pay-outs from the Financial Services Compensation Scheme (FSCS), resulting in the advisors being banned from financially advising by the FCA.
Due to Robert Ward and the four other financial advisers ‘failing to act with integrity, having either acted dishonestly or recklessly’, the Financial Conduct Authority (FCA) has collectively fined the five Financial Advisors a total of over £1m and prohibited them from working in financial services.
Advice firms Bank House Investment Management Ltd– based in Cheltenham; Financial Page Ltd– based in Shropshire and Henderson Carter Associates– based in Merseyside were run between the five Financial Advisors. These advisory firms have all since collapsed, leaving the FSCS with £50m redress paid out so far.
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